Right now I am having a blast creating a course about ways to generate income. This is an area that many women have shown an interest in exploring since more income increases cash flow, and cash flow allows you to accumulate wealth.
Do you like good news or bad news first? I’ll start with the bad; the bad news is that many people are struggling right now with high interest debt and upside down mortgages, as you already know. The good news is that, thanks to technology, many businesses require very little or no capital investment now, making this the perfect time to consider creating a new or side business to enhance your current income.
Additional income can be generated from new business methods, career enhancements or from investment capital. In this article, I am focusing on tips for new business methods. If you create your own business, think in terms of investing your money in it, instead of spending money on it. Of course, a good business plan is the prerequisite for your investment.
The type of business that is best for you will depend on where you are in your life with regard to:
• Capital to invest in your business
• Home Commitment (kids, aging parents)
• Ability to travel
• Skills and abilities
Think about whether it makes sense for you to create a small business if you don’t have already have one. If you should decide to move forward with this, I encourage you to think scalable. Many business models can be made scalable, and almost all can now be virtual, allowing you to work from home while setting your own hours. Again, we have technology to thank for this, and opportunities surround us each day to increase income. Additionally, there are tax benefits to small business ownership through entity structure which allow you to accumulate wealth quicker.